Nutraceutical Regulations: An Opportunities in ASEAN Countries

In today's era of increased standards of lifestyle and life expectancy, there has been a constant demand of the supplements by the consumers. Nutraceuticals are one such examples of the supplements. Though very big opportunity is there in this business there is no uniform regulatory requirements in different regions. Every nation is looking forward towards nutraceutical sector in order to keep the population of its nation healthy and safe by introducing certain rules and regulations. Generally, the developed countries have regulations in place, but there are some countries like countries in Asia pacific regions or in ASEAN countries which are yet to tune their regulations for nutraceutical products. The ASEAN countries involves highly commercialized markets like Singapore, Thailand, Malaysia, Philippines etc. The overall nutraceuticals market of ASEAN countries is growing at a CAGR rate of 8.4 % approximately. In this about 40 % of the population consumes nutraceuticals on daily basis. ASEAN countries are coming up with harmonized regulation for dietary supplements. This could be one of the greatest opportunities for the manufacturers to introduce their products in ASEAN market. A special unit of Traditional Medicine and Health Supplements Product Working Group (TMHA PWG) helps the manufacturer to understand the regulatory procedure of these countries. Despite of countries own special requirements; the manufacturers can follow the standards and harmonized guidelines given by this working group. This present article is a first initiative to introduce the regulatory procedure and requirement for the international business developers to launch any new nutraceutical product into the ASEAN market.